Poulsbo Real Estate Market Report - October 2008

Statistics we refer to are for that part of Poulsbo encompassing the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, including parts north to Sawdust Hill Rd. The market for other parts of Poulsbo and its suburbs should have approximately similar trends. Homes in Poulsbo were selling for a YTD median sale price of about $332,663 at the end of October, down about 6.3% from a year ago and about the same as last month. Poulsbo's October median sale price was $330,000, about 2.9% lower than in October 2007. Kitsap County YTD median price has fallen 9.5% over the past year. The number of Poulsbo closed sales YTD is almost the same as a year ago, and the number of YTD pending sales is down by 24%. The large difference in pending versus closed sales reflects the closing of many new construction sales that had been shown as pending for many months prior. YTD closed sales for Kitsap County have dropped 24% compared to last year. That portion of currently pending sales coming from new construction presales is 18 of 24. The Poulsbo listing inventory (144) is 2.9% higher than a year ago but has fallen 6% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 7.2 months, much better than some of the other areas, but also skewed by the closings of a batch of new construction homes that were sold months ago.